Morocco's inflation accelerates to 4.2% in October
2006-11-20
Morocco's inflation rose to 4.2% in October compared to the year-earlier period and up from 4.1 % in September, boosted by foodstuff and transport costs, the latest provisional figures released by the country's planning council showed. Food prices, which account for around 36% of the consumer price index (CPI), surged 3.7% in October despite a record harvest of 8.6 million tonnes of grains expected this year. Transport costs also increased by 10% despite moderation of energy prices on the international market and the government's plan to reintroduce an indexation system on fuel prices, which could lead to a future decline in transport and utility prices.
The current CPI levels are still above government expectations of average 2% inflation this year, while the International Monetary Fund is projecting 7.5% growth for the country this year and 3.5% in 2007 on the back of strong farming output. (MAP)
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